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Maersk and IBM Close Blockchain Project TradeLens

source-logo  cryptonews.net 30 November 2022 14:28, UTC
Anna Martynova

Maersk and IBM have decided to shut down their joint blockchain project TradeLens. It was to be an open and neutral industry platform. Despite the benefits provided by TradeLens, global industry collaboration has never been established. As a result, the platform was unable to achieve the commercial payback required to continue to exist and develop.

Although several large companies and ports have connected to TradeLens and used the blockchain to provide additional transparency in shipments, the platform will be taken offline as early as the first quarter of 2023.

Maersk will continue its efforts to digitize supply chain documentation and increase industry innovation with other solutions. TradeLens has shown that digital solutions reduce delays and support global trade. At the end of September, the Citigroup banking consortium, using the TradeLens platform, conducted the first non-documentary trading operation.

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